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Services
Scorpio Asset Management is a full service receivables management company designed to
reduce the time you spend on delinquency and thus increase your cash flow. We provide our
clients with skip tracing, collateral repossessions, nationwide credit reporting if you desire
and pre-collection letter service. We work primarily on a contingency basis and accordingly
we do not collect from you unless we collect for you. By outsourcing your receivables to
Scorpio Asset Management you contain overhead costs by optimizing expenses, increasing your
cash flow and productivity. We have invested in the best people, the best equipment and the
most efficient technologies giving you the best results possible.
Collections
Upon receipt of accounts, they are immediately entered into our database. The client is sent
a report acknowledging receipt of the accounts and the debtor is mailed a letter advising
that Scorpio Asset Management has been assigned the account and is requesting payment in
full. At the same time, phone contact is attempted. Our policy is to always attempt payment
in full. A payment plan will be structured only after we ascertain that payment in full is
impossible. Under no circumstances will we accept a settlement of an account without
discussing the case with the client and receiving permission from the client to proceed with
such a settlement. Scorpio Asset Management is able to accept electronic payment through
Western Union Quick Collect program and Debtmaster Pay by Phone to assure the fastest way to
collect good funds.
Repossession
When it comes time to repossess your delinquent vehicle loans, Scorpio Asset Management can
save you time and money. Once a vehicle is repossessed, it is our policy to attempt to
convince the debtor to utilize other assets or lines of credit to redeem the vehicle. With
this scenario, the debtor is able to get his vehicle back, is responsible for paying all
costs associated with the repossession, and the client is able to recover a larger portion
of the balance owed. In certain situations, full redemption is not an option.
If Scorpio Asset Management must sell the vehicle, the client pays $250.00 plus the cost
of repossession. We will send the required 15 day repossession letter, put the vehicle through
auction and send the required notification to the debtor when the vehicle is sold. Our
network of recovery and auction houses throughout the country enable us to locate, secure
and dispose of your collateral in a timely, efficient and legal manner.
Legal
Actual institution of legal action is always a last resort and never commenced without the explicit
written permission from the client to proceed, but the ability to take legal action provides
the collector with one more arrow in his quiver in that he can paint a picture for the debtor
of what may happen if a judgment is secured and enforcement proceedings are instituted. A key
element to a successful legal program is a network of attorneys who specialize in collections
and will not put collections on the back burner. Scorpio Asset Management has established such a
network of ABA commercial section collection attorneys. Our attorneys do not work on an hourly
basis. Once again they are only paid if you are paid. The maximum fee for legal accounts would
be 40% plus any filing or court related costs. |
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